Braskem (NYSE:BAK) Stock Price Up 3.1% – Here’s Why

Shares of Braskem S.A. (NYSE:BAK) traded up 3.1% during mid-day trading on Wednesday . The stock traded as high as $3.89 and last traded at $3.81. 294,356 shares traded hands during trading, a decline of 64% from the average session volume of 828,933 shares. The stock had previously closed at $3.69.

Analyst Ratings Changes

Separately, Scotiabank cut shares of Braskem from a “sector outperform” rating to a “sector perform” rating in a research note on Monday, March 3rd.

Braskem Trading Down 1.3 %

The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -1.15 and a beta of 2.06. The business’s 50-day simple moving average is $4.22 and its two-hundred day simple moving average is $5.08.

Braskem (NYSE:BAK) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.01). The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.52 billion. Braskem had a negative return on equity of 439.59% and a negative net margin of 9.88%. On average, analysts forecast that Braskem S.A. will post -0.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Braskem

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its holdings in shares of Braskem by 876.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock worth $40,000 after buying an additional 4,871 shares in the last quarter. R Squared Ltd bought a new position in Braskem during the fourth quarter worth $44,000. Blue Trust Inc. grew its holdings in Braskem by 2,510.3% in the fourth quarter. Blue Trust Inc. now owns 13,130 shares of the company’s stock worth $51,000 after purchasing an additional 12,627 shares during the period. Signaturefd LLC bought a new stake in Braskem in the fourth quarter valued at $53,000. Finally, Dark Forest Capital Management LP bought a new stake in Braskem in the fourth quarter valued at $71,000.

About Braskem

Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. The Brazil segment produces and sells olefins, including ethylene, polymer and chemical grade propylene, butadiene, and butene-1; benzene, toluene, and xylenes products; fuels, such as automotive gasoline, liquefied petroleum gas, ethyl tertiary-butyl ether, and methyl tertiary-butyl ether; intermediates, such as cumene; aliphatics, aromatics, and hydrogenated solvents; and specialties comprising isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.